CBDT drops Rs.15 crore scrutiny of transactions between a multinational company and Indian Subsidiary
The department is looking into international transaction with tax evasion angle.
The present situation assessing officers are referring cross border transaction of Rs.15 core or above to Transfer pricing officer
A few new provisions have been included. If the registration of a charitable trust has been cancelled and it continues to file I- T returns claiming exemption, the case would have to be taken up for scrutiny.
In case information received from other government departments pointing to tax evasion will be initiated only the information is specific and verifiable.
Charitable trusts claiming deductions under the I- T Act despite not being registered under the relevant sections would also be under mandatory scrutiny
Companies, organisations getting donation of over ₹ 1 cr from abroad may not be scrutinised
In a nutshell the above measure will reduce disputes and litigation.
For more information read Business standard
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